Feeling short term bearish on this with the oversold RSI and unchanging volume but if the trend breaks down here I'd expect it to hit that 10k level as the next major support
Long term I'm bullish on this though, the project seems solid and the idea of a digital identity system will definitely gain some traction in a real world application
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Still feel good about this, now might be a good time to buy since the RSI is starting to rise if you wanted to get in a short term trade.
For holding I think its still going to descend to the blue 10.5k support level although you can make a falling wedge currently which is nearly at its end so it might be a tight squeeze to get an extra 10% off before this starts to rise.
Personally I'm waiting for the Coppock indicator to hit a lower level before buying in but that might make me miss this
How long do you mean by longterm? Where do you see cvc in a week's time?
Thanks for the analysis!
Brenna364
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@kash27, Long term I mean a few years, the tech seems good and it's probably the most exposed identity token at the moment so there's great potential here.
I can only speculate what the price will do but I'd expect the price to hit the support level by about two weeks if there is a breakdown. Obviously there could be a breakout at this level in which case I'd guess a 20-30% uptick at the minimum with the potential for another 2x leg up.
I've been looking into some other identity coins to compare to the long term view of this and I'd recommend looking into uPort, its another identity system which has been working with the Brazilian government to see how viable the technology would be in large scale use. In any case I think it's worth looking into other coins like this for their long term potential
Thanks for the analysis!